Thunder Mountain Gold Expands South Mountain Property by 13,061 Acres, Securing 20-Year Lease
THMG has more than doubled off its 52-week low of $0.14 on light trading volume (0.2× avg).
Summary
Thunder Mountain Gold has significantly expanded its South Mountain Property by 13,061 acres, or approximately 20 square miles. This expansion includes a 20-year mineral lease with the Idaho Department of Lands for 3,675 acres, along with private land purchases and new mineral lode claims. This follows the company's 10-K in March which highlighted increased mineral resources at South Mountain, and a Q1 10-Q in May that noted property expansion. The substantial increase in land position is material for a company of this size, broadening its exploration footprint and potential resource base for its polymetallic project. Management believes this strengthens their district-wide exploration strategy and could enhance long-term project value.
At the time of this announcement, THMG was trading at $0.74 on OTC in the Industrial Applications And Services sector, with a market capitalization of approximately $68.7M. The 52-week trading range was $0.14 to $1.01. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: TMX Newsfile.